Newark, Aug. 16, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 30 billion in 2022 global protective packaging market will reach USD 53.72 billion in 2032. The demand for consumer goods in the food & beverage, automobile, and personal care markets is expanding due to the growing population and consumers' increasing disposable income. Demand has been redirected by the e-commerce boom, mostly through online platforms that are more practical than brick-and-mortar stores. Given the requirement to send goods to consumers, the considerations mentioned earlier will aid in the growth of protective packaging. Pharmaceuticals, consumer goods, and the industrial sectors are all expanding, which means packaging requirements will also increase.
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Key Insight of the Global Protective Packaging Market
Asia Pacific is expected to dominate the market during the forecast period.
The combined populations of China and India provide a sizable consumer market for commodities such as food, drinks, furniture, clothing, accessories, and personal care items. Additionally, it is a sizable market for industrial goods, pharmaceuticals, and healthcare products. The expanding e-commerce sector will also aid the expansion of the regional market. Additionally, China leads the consumer market for packing goods delivered worldwide because it is the global manufacturing centre. The expanding trade will also aid the market's expansion in the Indo-Pacific region.
In 2022, the foam plastic segment dominated the market with the largest market share of 47% and revenue of 14.10 billion.
The material type segment is divided into plastic, foam plastic, paper and paperboard, and others. In 2022, the foam plastic segment dominated the market with the largest market share of 47% and revenue of 14.10 billion.
In 2022, the flexible segment dominated the market with the largest market share of 48% and revenue of 14.40 billion.
The product type segment is divided into rigid, flexible and foam. In 2022, the flexible segment dominated the market with the largest market share of 48% and revenue of 14.40 billion.
In 2022, the cushioning segment dominated the market with the largest market share of 39% and revenue of 11.70 billion.
The function segment is divided into cushioning, void fill, wrapping, blocking and bracing, insulation, and others. In 2022, the cushioning segment dominated the market with the largest market share of 39% and revenue of 11.70 billion.
In 2022, the food and beverages segment dominated the market with the largest market share of 33% and revenue of 9.90 billion.
The application segment is divided into food and beverages, healthcare, industrial goods, automotive, household appliances, and others. In 2022, the food and beverages segment dominated the market with the largest market share of 33% and revenue of 9.90 billion.
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Advancement in Market
March 2023 - UK-based packaging manufacturer Macfarlane Group has acquired Suttons Performance Packaging. Suttons, a protective packaging company based in Cambridgeshire, UK, serves a range of industries throughout England, including the medical, electrical, and industrial. The agreement intends to give Suttons and Macfarlane access to a greater range of suppliers, specialised protective packaging goods, and additional industry knowledge. The expansion of Macfarlane's protective packaging business through organic and acquisitive growth is consistent with that approach.
Market Dynamics
Driver: The expanding e-commerce sector.
Commercial centres were shut down as a result of the COVID-19 pandemic. Additionally, it caused social exclusion and loneliness. Millions of clients were saved by the e-commerce sector and online home delivery, and small businesses were also enabled to survive. During the epidemic, the e-commerce sector prospered. Given the convenience, huge selection of products from various brands, discounts, payment options, home delivery, offers, and simple returns that e-commerce provides, the trend of online shopping for clothes, footwear, food, groceries, household appliances, personal care and beauty products among many other things has continued to grow even after the pandemic. The expanding ownership of smart connected gadgets and rising internet penetration also aided the expansion and development of the e-commerce industry. The e-commerce market has grown due to numerous companies switching to online sales through their websites or e-commerce partners. The e-commerce sector places a premium on providing customers with the precise goods they ordered in perfect condition, which raises the demand for premium protective packaging. As a result, the e-commerce sector will continue to expand and fuel the expansion of the worldwide protective packaging market.
Restraints: The regulations limiting the use of protective plastic packaging.
In the present world, the vast bulk of packaging requirements are satisfied by plastic materials. Plastic is a material that has been successfully utilised for many years because it is adaptable, robust, reliable, and durable. But excessive plastic use has created a number of environmental issues. As a result, the government has imposed restrictions on its use to combat the growing threat posed by plastic. Some nations have limited regulations that outline the types of plastic that can be used and those that will result in penalties. Due to concerns about their price and functionality, additional eco-friendly materials have not yet been widely accepted, which will limit the market's growth.
Opportunities: The adoption of sustainable and environmentally favourable packaging materials.
The demand for eco-friendly packaging materials has surged due to growing worries about plastic waste and its detrimental environmental effects. Land, sea, and marine species are all harmed by plastic pollution. These substances eventually make their way into the food chain and reach people, having a number of detrimental health impacts. To lessen the use of plastics, the government and other stakeholders are promoting the development of environmentally friendly, highly recyclable, and sustainable packaging materials. These initiatives include bioplastics, seaweed packaging, corrugated bubble wrap, cornflour, and mushroom packaging. Therefore, the market players will have profitable prospects in the projected future as a result of the adoption of environmentally friendly and sustainable packaging materials.
Challenges: Inefficient packaging practices.
The sheer volume of e-commerce has led to inefficient packaging practices wherein packaging with wrong dimensions and materials is used for several products to increase the speed of delivery. This leads to inefficient use of packaging materials. It increases the costs and also the waste generated, causing damage to the environment. Furthermore, a significant amount of packaging waste is not recycled and ends up in landfills causing financial, environmental and health risks. Therefore, inefficient packaging practices will challenge the market's growth.
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Some of the major players operating in the global protective packaging market are:
• Dow Chemical Company
• DS Smith Plc
• Huhtamaki OYJ
• Point Five Packaging
• Pro-Pac Packaging Limited
• Sealed Air Corporation
• Smurfit Kappa Group Plc.
• Sonoco Products Company
• Storopack Hans Reichenecker Gmbh
• Universal Protective Packaging, Inc.
Key Segments cover in the market:
By Material Type
• Plastic
• Foam Plastic
• Paper and Paperboard
• Others
By Product Type
• Rigid
• Flexible
• Foam
By Function
• Cushioning
• Void Fill
• Wrapping
• Blocking and Bracing
• Insulation
• Others
By Application
• Food and Beverages
• Healthcare
• Industrial Goods
• Automotive
• Household Appliances
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analysed based on value (USD Billion). All the segments have been analysed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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